E. W. Scripps (NYSE:SSP) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of E. W. Scripps (NYSE:SSP) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “The E.W. Scripps Company serves audiences and businesses through a growing portfolio of television, print and digital media brands. It also runs an expanding collection of local and national digital journalism and information businesses including online multi-source video news provider Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the long-time steward of one of the nation’s longest-running and most successful educational programs, Scripps National Spelling Bee. Scripps is focused on the stories of tomorrow. Scripps is one of the nation’s largest independent TV station owners. Scripps also runs an expanding collection of local and national digital journalism and information businesses, including multi-platform satire and humor brand Cracked, podcast industry leader Midroll Media and over-the-top video news service Newsy. “

Separately, Guggenheim reissued a neutral rating and set a $14.00 target price (down previously from $22.00) on shares of E. W. Scripps in a research note on Monday, August 12th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $19.50.



NYSE SSP opened at $13.32 on Wednesday. The stock’s 50-day moving average price is $12.87 and its 200-day moving average price is $17.17. E. W. Scripps has a 52 week low of $11.36 and a 52 week high of $23.41.

E. W. Scripps (NYSE:SSP) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The company had revenue of $337.50 million during the quarter, compared to the consensus estimate of $337.35 million. During the same period last year, the business earned $0.10 EPS. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Friday, September 13th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.50%. The ex-dividend date is Thursday, September 12th.

In other E. W. Scripps news, major shareholder Corina S. Granado bought 38,117 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $11.91 per share, with a total value of $453,973.47. Following the purchase, the insider now owns 448,569 shares of the company’s stock, valued at $5,342,456.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.16% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of SSP. Marshall Wace LLP bought a new stake in E. W. Scripps in the 1st quarter worth approximately $723,000. Municipal Employees Retirement System of Michigan increased its stake in E. W. Scripps by 25.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 20,830 shares of the company’s stock worth $319,000 after acquiring an additional 4,220 shares during the last quarter. Nordea Investment Management AB bought a new stake in E. W. Scripps in the 1st quarter worth approximately $2,983,000. Nisa Investment Advisors LLC increased its stake in E. W. Scripps by 13.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 12,600 shares of the company’s stock worth $193,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new stake in E. W. Scripps in the 2nd quarter worth approximately $177,000. 77.70% of the stock is currently owned by institutional investors.

E. W. Scripps Company Profile

The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. Its Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.

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